Project Energy Reimagined Acquisition Corp. announced that on October 25, 2023, the company issued an unsecured promissory note in the principal amount of up to $500,000 to its sponsor, Smilodon Capital, LLC, of which $300,000 had been funded as of such date, which may be further drawn down from time to time prior to the Maturity Date upon request by the Company. The Note does not bear interest and the principal balance will be payable on the earlier of: (i) the date on which the Company consummates its initial business combination and (ii) the date that the winding up of the Company is effective.

In the event that the Company does not consummate an initial business combination, the Note will be repaid only from amounts remaining outside of the Company?s trust account, if any. The Note is subject to customary events of default, the occurrence of certain of which automatically triggers the unpaid principal balance of the Note and all other sums payable with regard to the Note becoming immediately due and payable.